15 MARCH 1834, Page 13

CLAIMS OF THE CORTES BONDHOLDERS.

IT is generally believed that our Ambassador at the Spanish Court, in obedience no doubt to orders from Lord PALMERSTON, is subservient to the Juste Milieu system of Louis PHILIP. In vulgar language, he plays second fiddle to M. RAYNEVAL at Madrid. But he certainly does not follow French example on all occasions. M. RAY3ZEVAL, for instance, has interfered with effect to compel a recognition of the claims of French holders of Spanish stock to receive some value for it. Here, however, be moves alone. Mr. VILLIERS has no orders to insist on the recognition of the Cortes Bonds held by Englishmen. Lord PAL MERSTON leaves his Majesty's subjects to shift for themselves; though the claims of the Cortes Bondholders are, to say the least, quite as equitable as thus.; of the participators in the loans of GUEHHARD and AGUADO. It can no longer be said that the British Government will not interfere with foreign loans; for we have interfered in the Greek and Russo-Dutch loans. Moreover, Mr. CANNING inter- fered with abet to procure payment of the Spanish Indemnity Bonds to our merchants.

The existing Spanish Government has recognized all other fo- reign debts except that contracted by the Cortes. That debt is principally due to Englishmen ; the only people, it appears, whom the Cabinet of Madrid fears not to rob and to bully. How is this, may well be asked? Is it because Lord PALMERSTON has a secret dislike to see justice done to parties who ventured their money in aid of a Liberal movement? Had the loan been made to a legiti- mate tyrant, and had a Liberal Government refused to recognize it, would Lord PALMERSTON be so acquiescent as he is now ? If there is one debt more than another which the Spanish na- tion ought to discharge—which the Minister, DE LA ROSA, ought to place at the head of the foreign liabilities of his country—it is the loan to the Cortes. The Bondholders—those who, trusting to Spanish faith, and the ultimate establishment of better principles in the government of Spain, still bold theiroriginal claims—have suffered injustice for a long period; and it is too much that they see one profligate stockjobbing loan after another recognized and provided for, while their honest claims are disregarded. Were there any thing like the spirit and vigour of the old French Marshal or of General JACKSON predominant in Downing Street, our coun- trymen would long ago have been righted. Were the capitalists of Philadelphia and Paris treated as ours have been, the star- spangled banner would now be flying in the face of Cadiz, and the French Army of Observation would ere this have crossed the Pyrennees.